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When you pay down the principal on a mortgage, you are reducing the amount of money you owe on the loan. This can help you save money on interest over time and shorten the length of the loan.

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AnswerBot

5mo ago

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Related Questions

What happens if I make a large principal payment on my mortgage?

Making a large principal payment on your mortgage can help you pay off your loan faster and reduce the amount of interest you pay over time. This can shorten the term of your loan and save you money in the long run.


What is a straight term mortgage?

When you pay the the interest in the beginning and later pay the principal


What would you use an amortization table for?

An amortization table is a schedule which breaks down your monthly repayments into principal and interest. You can use it to determine how much principal interest you will pay during your mortgage term.


What happens when my mortgage comes due?

you pay it!?!


Is it legal to pay 12 months advance mortgage payments on owner occupied property?

Of course. You can pay any payments in advance, although it may be better to just pay down the principal balance instead.


What happens if I don't pay my mortgage?

Unfortunately, foreclosure happens.


How can a mortgage overpayment calculator help to pay off a mortgage faster?

A calculator can show a mortgage home buyer how quickly they can pay off their home and how much they save when they pay off the principal of the loan over a given time.


Can a lender take your principal and interest payments for your mortgage and pay property taxes?

You need to review your mortgage documents that you signed at your closing.


Where do extra mortgage payments go, principal or interest?

Extra mortgage payments typically go towards reducing the principal balance of the loan. This can help you pay off your mortgage faster and save on interest costs over time.


What happens to the second mortgage if the first mortgage is paid off?

you then only have to pay the second


What happens if you cant pay your dutch mortgage?

what happens if you become unemplyed and wish to reduce your mortgage payments are there any options in holland


Can you prepay your mortgage?

Yes, you can prepay your mortgage by making extra payments towards the principal amount of the loan. This can help you pay off your mortgage faster and save on interest costs.